Lawrence, MA Office Property For Sale

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Office for Sale

Lawrence, MA 01840

This three-story glass sided, steel frame office building in central Lawrence across the street from main Lawrence post office. It is located and part of the “Educational Campus" of Northern Essex Community College. There is a ten-year lease with The Commonwealth of Massachusetts for use by Northern Essex Community College and affiliated organizations for classroom instruction and associated activities. The lease conception date was 10/3/2017. 2020 reported gross income of $295,000 with base rent and annual escalator. Total annual expenses of $51,895 with an NOI of $243,103.The building consists of three floors and basement, 2nd & 3rd floors are cantilevered and have 9,400 sq. with 1st floor having a bit less sq ft totaling above ground of 25,542 sq ft plus 6,750 sq ft in basement totaling 32,292 sq ft. The current usage consists of the following: approximately 50% of basement is used for food prep as part of the College curriculum and 50% for storage. 33% of 1st floor is used for retail food service as part of the college’s curriculum and 66% for Classrooms. 100% on 2nd and 3rd floors are used for college classrooms & activities. This is a great investment opportunity with a solid tenant and solid return. The area of Lawrence where the building is in is vibrant and has had numerous governmental capital improvement investments made in the infrastructure and the area and is clean and modern. 420 Common St is one of four buildings occupied by Northern Essex Community College in the immediate area. (The Lawrence Campus). There are numerous parking locations in the vicinity. The other three building composed of the campus are walking distance to 420 Common St making it desirable moving into the future. (This is the only building owned and being sold by the seller). The property is located in the City of Lawrence Opportunity Zones. There may be additional tax benefits to purchasing and owning a building in this zone. (You are encouraged to conduct your own due diligence as how it will affect your ownership if at all.)

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